Home Finance AvalonBay Sells U-District Apartment Asset for $112MM

AvalonBay Sells U-District Apartment Asset for $112MM

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By Brittan Jenkins

The largest developer of student housing in the United States, Austin-based American Campus Communities, acquired its first property in the city when it paid $112,060,248 for TWELVE at U-District, situated near the University of Washington campus, in a deal that closed June 9th.

American Campus Communities purchased the 238-unit apartment complex, located at 4535 12th Ave. N.E. from AvalonBay Communities. TWELVE at U-District, formerly AVA University District, is comprised of two seven-story buildings and offers studios, one-, and two-bedroom units. The complex also offers 325 parking stalls and 65 stalls for the retail portion of the building.

The complex, which was completed in 2014, sits on a 1.33 acre lot and offers 11,700 square feet of commercial space and 236,326 square feet of residential space. Corepower Yoga is an anchor tenant at the community. Pure Barre and 7 Eleven are also tenants on the ground level.

The community also offers a 24-hour fitness room, study lounges, a video game arcade, two rooftop courtyard lounges, bbqs and bike storage.

The apartment complex was built LEED Silver by AvalonBay and GGLO, which served as the architect and interior designer for the project.

In an investor document dated March 31, 2014, AvalonBay estimated the total capital cost of the apartment complex to be $75.7 million.

American Campus Communities is a publicly traded company which refers to itself as “the nation’s largest developer, owner and manager of high-quality student housing communities,” according to its website. ACC has 206 total communities across 96 campuses.